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From: Rocket Red	11/7/2024 8:01:48 AM
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Globe/wire say Musk's ties to Trump good for Tesla 2024-11-07 08:00 ET - In the News Shares issued 17,550,000 TSLA Close 2024-11-06 C$ 26.28 The Globe and Mail reports in its Thursday, Nov. 7, edition that Elon Musk may significantly benefit from his support of U.S. president-elect Donald Trump during the 2024 campaign. A Reuters dispatch to The Globe reports that following Mr. Trump's victory over vice-president Kamala Harris, Tesla shares rose 14 per cent. Mr. Musk contributed millions to Mr. Trump's campaign, and Mr. Trump plans to establish a government efficiency commission led by Mr. Musk to reduce federal spending. Mr. Musk's influence is notable given his ties as a major contractor with the U.S. Department of Defense, mainly through his ownership of the Starlink satellite broadband system. Mr. Musk benefited from policies Mr. Trump opposes, such as solar and electric vehicle credits in the 2022 Inflation Reduction Act. Trump's plan to reduce EV mandates might impact his rivals more than Tesla due to its sales volume. An EV industry group expressed readiness to collaborate with Mr. Trump, who aims to reverse many pro-EV policies of his predecessor. Triple D Trading trader Dennis Dick says, "Musk basically hedged his bets by his association with Trump and likely will get favourable treatment from the Trump administration."

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